KUALA LUMPUR, Malaysia, 19 January 2026 – Malaysia’s IJM Corp Berhad announced on Monday that officials from the Malaysian Anti-Corruption Commission (MACC) and the Inland Revenue Board of Malaysia (LHDN) were at its headquarters to gather information as part of an ongoing investigation, triggering a sharp sell-off in the company’s stock.
In a statement to Bursa Malaysia, IJM said it is fully cooperating with the authorities and that its business operations remain unchanged, while continuing to uphold strong standards of corporate governance, transparency and integrity. The company also said it will provide further disclosures if there are any material developments.
Probe Details and Market Reaction
MACC chief commissioner Tan Sri Azam Baki confirmed with The Edge Malaysia that the anti-graft agency is conducting an investigation into IJM, citing an earlier report by Scoop that claimed the probe involves an alleged RM2.5 billion money-laundering scheme and possible share price manipulation. Further details of the inquiry have not yet been disclosed.
The prospect of enhanced scrutiny sent IJM shares tumbling as much as 16.4 % on Monday, falling to a three-month low of RM2.34 before recovering slightly to RM2.65 at market close, still down about 5.36 % from Friday’s closing price. Despite the drop, the stock remains higher year-to-date.
Regulatory and Trading Developments
The sharp decline in IJM’s share price also triggered a temporary suspension of intra-day short-selling, a standard market mechanism on Bursa Malaysia when a counter falls more than 15 %. Normal intra-day short-selling resumed on Tuesday (Jan 20) at 8:30 a.m. according to Bursa’s special announcement. IJM noted in its response that the suspension was routine and declined to comment on market movements or speculation.
Takeover Context and Broader Implications
The developments come amid an ongoing takeover bid by Sunway Bhd, which has proposed acquiring IJM shares via a combination of cash and share considerations, a proposal that some analysts have viewed as below fair value. IJM has notified shareholders about the bid and continues to respond to corporate actions while navigating the current probe.
Investors will be closely watching how the investigation progresses and what impact it may have on IJM’s operational stability, governance perception and takeover negotiations.
